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2025-03-31-accounts

REGISTERED COMPANY NUMBER: 01956960 (England and Wales) REGISTERED CHARITY NUMBER: 296135

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2025

for

Phoenix Cinema Trust Limited

Ark Accountancy Limited Chartered Certified Accountant & Statutory Auditor 56-58 High Street Ewell Epsom Surrey KT17 1RW

Phoenix Cinema Trust Limited

Contents of the Financial Statements for the Year Ended 31 March 2025

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 21
Detailed Statement of Financial Activities 22 to 23

Phoenix Cinema Trust Limited

for the Year Ended 31 March 2025

Report of the Trustees

The Trustees, who are also directors of the Charity for the purposes of the Companies Act 2006, are pleased to present their annual report, together with the audited financial statements of the charity, for the year ended 31 March 2025. These are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (as amended for accounting periods commencing from 1 January 2019).

OBJECTIVES AND ACTIVITIES Objectives and aims

The charity's purposes are the advancement of the education of the public and in particular of persons who live or work in London in the arts including, but without limiting the foregoing, the arts of film, television, drama, ballet, mime, dance, music, singing and opera, and for such purpose to establish, operate and manage and administer the Phoenix Cinema in the London Borough of Barnet and to promote and maintain and encourage schemes for the use thereof.

The trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.

The strategies employed to achieve these objectives are:

There has been no change to these during the year.

There are four major areas of activity where we put these strategies into action which are: main feature film screenings, education and community activities, alternative content and special events including festivals.

Page 1

Phoenix Cinema Trust Limited

for the Year Ended 31 March 2025

Report of the Trustees

ACHIEVEMENTS AND PERFORMANCE Charitable activities

The financial year ending 31st March 2025 (FY2025) was a challenging year in many ways for the Phoenix but also one of significant change for the historic cinema. Of the top 10 UK titles for the year, 5 were animated franchise titles which struggled to resonate with the Phoenix audience.

Trading during the FY25 was difficult from the beginning. Monthly admissions hovered around the 2-3,000 mark which is significantly below where we would want to be. The main driver of this was the slate with a dearth of suitable films throughout the first ¾ of the year. In comparison to FY24, the cinema lacked a Barbie and Oppenheimer type release that raised the whole profile of cinema with audiences.

Trading was inconsistent throughout the year with very few profitable months. However, there were a couple of other events which had a major impact on the cinema. Firstly, in May 2024, the cinema screened the documentary, Supernova, as part of the Seret Festival. Soon after, two patrons, Mike Leigh and Ken Loach, both resigned. The event itself became a much bigger event than a screening with protesters on both sides lining the streets in and around the cinema.

At around the same time, the Phoenix sold the land at the back of the cinema. In November/December, the money was reinvested into building a smaller second screen and renovating the seating and flooring in the main auditorium. This gave the cinema more programming flexibility as well as another screen to drive revenue. The second screen opened on December 18th in time for the traditionally strong awards season releases.

In early 2025, the cinema brought in a new Executive Director, Kathryn Smith, who came with significant operational experience from the Really Local Group. Kathryn replaced Rob Kenny who had helped the cinema through the second screen redevelopment plan.

Throughout FY2025, the Phoenix was running a programme of community and education activities, including screenings for local schools, community groups, Parent and Baby screenings and captioned screenings alongside partnership with the UK Jewish Film Festival and special screenings and events for a variety of audiences.

In December 2024, Alison Gold stepped down as Chair, whilst remaining as a trustee, with Paul Rossi being voted in as her replacement. Vicki Kelsall resigned in May 2024. Post year-end, Alison Gold, Marta Montague and Patrick Swaffer resigned from the board. The Phoenix is thankful for their service, especially Alison and Marta, who guided the cinema through the pandemic and redevelopment. Following the end of October 2025, Ed Sayers and Ken McEnery joined the board as new trustees.

For the financial year ending 31 March 2025, income totalled £573K with £477K coming from trading (mainly box office and kiosk food and drink sales), £93K from grants and donations (nearly half of which was from Barnet Council) and £3K of other income. Expenditure totalled £714K with £476K being direct costs/cost of sales (film hire and food and drink expenditure) and £281K being support costs. The average monthly number of employees remained at 19. In addition, there was a £423K gain on investment (sale of the land).

As a result, the cinema made a gain of £288K for the financial year driven by the gain on investment. Net cash grew from £67K to £145K as most of the money secured from the sale had been reinvested into the redevelopment.

Overall performance

Trading revenue was £477K which was down -12% on FY2024. Admissions were 36,208 which was down -3% on FY2024, and remained less than 60% of the admissions in FY2020 (64,275 admissions). This level of admissions is also less than half of its level 10 years earlier, reflecting the growth in local competition since 2015, as well as the prevailing lower cinema attendance since the pandemic.

The top 10 films at the Phoenix for the year were, in order of revenues:-

Conclave

A Complete Unknown A Real Pain The Brutalist Kidnapped National Theatre: Nye

Page 2

Phoenix Cinema Trust Limited

for the Year Ended 31 March 2025

Report of the Trustees

Van Gogh: Poets And Lovers Small Things Like These Maria Lee

The cinema continued to diversify outside cinema although there was a reduction in the regular comedy nights during the first half of 2025.

Education and community

The Phoenix no longer seeks funding for bespoke educational activities but seeks to partner with schools and colleges in the local community to deliver this part of its charitable remit.

The Phoenix is more closely linked into community activity in its immediate local area, as an active member of the N2 United network.

FINANCIAL REVIEW

Financial position

While the cash position was £145K at the end of March 2025, the volatility in trading has been challenging since the end of the financial year.

Audiences continue to be down significantly since the pandemic and the slate of films remains inconsistent. Potentially Phoenix friendly fare such as The Thursday Murder Club and Knives Out: Wake Up Dead Man were released on limited windows.

Reserves policy

The Board's reserves policy continues to be that the Phoenix should hold unrestricted general funds, held in cash or readily realisable assets, equivalent to at least two months' operating costs (approximately £80K). These funds should be held to mitigate the risk of poor trading or cover unplanned emergency repairs or other expenditure. The reserves policy has not been changed. However, given the challenges faced since the pandemic, the cinema has been unable to maintain full reserves since throughout the period.

The management and Board of the Phoenix monitors cash flow and projected cash on a weekly basis to anticipate any solvency problems.

The major asset remains the cinema building and associated land.

Going concern

The cinema has faced a challenging time in FY2025 similar to other independent cinemas. Trading started to improve during the last quarter of 2025 and is expected to be strong during the first quarter of 2026. The board's immediate focus will be on increasing fundraising to support the trading of the cinema.

With that in mind, the accounts have been prepared on a going concern basis.

FUTURE PLANS

Trading remains inconsistent with an average of £25K box office revenue per month for the YTD. Admissions also hover around 3-3.5K per month.

The second screen has helped drive attendances during weeks when the slate has been strong and provided some flexibility for screenings. It is also a hiring option for small gatherings or parties. However, when the slate is weak, the second screen is also impacted delivering very little in additional revenue.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Each year, one-third of the trustees shall be retired/reappointed at the Annual General Meeting of its Company Members. In line with best practise in governance, no trustee will serve for more than nine years in total.

Page 3

Phoenix Cinema Trust Limited

for the Year Ended 31 March 2025

Report of the Trustees

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The Phoenix is governed by a board that comprises not less than six and no more than twelve members. The board normally meets quarterly and there are two sub-committees that meet quarterly: the Finance Committee, the Education, Community and Fundraising committee.

At the year end, the Phoenix had 19 staff members in line with the previous year. Most are employed part-time.

Related parties

The trustees provide their services on a voluntary basis. None of the trustees has any beneficial interest in the company. There are no connected charities. There are no related party transactions, except as disclosed in note 17 in the financial statements.

Risk management

The trustees put in place a risk management policy in 2016 which comprises a risk register that identifies and measures the key risks faced by the cinema in addition to actions to be taken to mitigate the impact. The cinema has adequate insurance cover in place to mitigate certain of the identified risks.

The risk register was reviewed in detail by the board during 2024.

In prior years, the key risk faced by the cinema was its financial sustainability. This remains a key focus for the board and management team.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

01956960 (England and Wales)

Registered Charity number

296135

Registered office

52 High Road East Finchley London N2 9PJ

Trustees

P L J Swaffer (resigned 10.4.25) A J Bull Ms M A Hoare B Ellis Ms V M Kelsall (resigned 16.5.24) V P Ram A Khan P Rossi Ms M Montague (resigned 16.9.25) Ms A Gold (resigned 13.6.25) S Smith K Mcenery (appointed 30.10.25) E Sayers (appointed 11.11.25)

Page 4

Phoenix Cinema Trust Limited

for the Year Ended 31 March 2025

Report of the Trustees

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors

Ark Accountancy Limited Chartered Certified Accountant & Statutory Auditor 56-58 High Street Ewell Epsom Surrey KT17 1RW

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Phoenix Cinema Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Ark Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 23 December 2025 and signed on its behalf by:

A Khan - Trustee

Page 5

Report of the Independent Auditors to the Members of Phoenix Cinema Trust Limited

Opinion

We have audited the financial statements of Phoenix Cinema Trust Limited (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 6

Report of the Independent Auditors to the Members of Phoenix Cinema Trust Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 7

Report of the Independent Auditors to the Members of Phoenix Cinema Trust Limited

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we - performed analytical procedures to identify any unusual or unexpected relationships;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 8

Report of the Independent Auditors to the Members of Phoenix Cinema Trust Limited

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mary E Ryan (Senior Statutory Auditor) for and on behalf of Ark Accountancy Limited Chartered Certified Accountant & Statutory Auditor 56-58 High Street Ewell Epsom Surrey KT17 1RW

23 December 2025

Page 9

Phoenix Cinema Trust Limited

Statement of Financial Activities for the Year Ended 31 March 2025

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
92,558
Charitable activities
4
Cinema
477,267
Investment income
3
3,457
Total
573,282
EXPENDITURE ON
Charitable activities
5
Cinema
714,396
Net gains on investments
423,869
NET INCOME/(EXPENDITURE)
282,755
Transfers between funds
16
22,258
Net movement in funds
305,013
RECONCILIATION OF FUNDS
Total funds brought forward
38,658
TOTAL FUNDS CARRIED FORWARD
343,671		 Restricted
funds
£
-
-
-
-
42,757
-
(42,757)
(22,258)
(65,015)
290,370
225,355		 31.3.25
Total
funds
£
92,558
477,267
3,457
573,282
757,153
423,869
239,998
-
239,998
329,028
569,026		 31.3.24
Total
funds
£
27,628
543,683
1,008
572,319
665,233
-
(92,914)
-
(92,914)
421,942
329,028

The notes form part of these financial statements

Page 10

Phoenix Cinema Trust Limited

Balance Sheet

31 March 2025

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Stocks
13
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
16
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
411,394
1,695
23,154
144,857
169,706
(237,429)
(67,723)
343,671
343,671		 Restricted
funds
£
225,355
-
-
-
-
-
-
225,355
225,355		 31.3.25
Total
funds
£
636,749
1,695
23,154
144,857
169,706
(237,429)
(67,723)
569,026
569,026
343,671
225,355
569,026		 31.3.24
Total
funds
£
304,095
3,427
17,987
67,443
88,857
(63,924)
24,933
329,028
329,028
38,658
290,370
329,028

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 23 December 2025 and were signed on its behalf by:

A Khan - Trustee

The notes form part of these financial statements

Page 11

Phoenix Cinema Trust Limited

Cash Flow Statement
for the Year Ended 31 March 2025
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of fixed asset investments
Disposal of asset
Interest received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.25
£
74,181
74,181
(425,511)
423,869
1,418
3,457
3,233
77,414
67,443
144,857		 31.3.24
£
(28,190)
(28,190)
(27,341)
-
-
1,008
(26,333)
(54,523)
121,966
67,443

The notes form part of these financial statements

Page 12

Phoenix Cinema Trust Limited

Notes to the Cash Flow Statement for the Year Ended 31 March 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
Interest received
Decrease in stocks
Increase in debtors
Increase in creditors
Net cash provided by/(used in) operations		 31.3.25
£
239,998
91,439
(423,869)
(3,457)
1,732
(5,167)
173,505
74,181		 31.3.24
£
(92,914)
50,264
-
(1,008)
1,567
(7,451)
21,352
(28,190)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£ £ £
Net cash
Cash at bank 67,443 77,414 144,857
67,443 77,414 144,857
Total 67,443 77,414 144,857

The notes form part of these financial statements

Page 13

Phoenix Cinema Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - in accordance with the property Café bar - at varying rates on cost Fixtures and fittings - 25% on reducing balance, 25% on cost and at varying rates on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 14

Phoenix Cinema Trust Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

2. DONATIONS AND LEGACIES

Donations
Grants
Grants received, included in the above, are as follows:
London Borough of Barnet
Unrestricted grants
Film London
Young Barnet
Community Grant
The Harold Wyatt Wingate Foundation
Philaharmonic Trust
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Film Receipts
Cinema
Education Activities
Cinema
Confectionary & café bar &
merchandise
Cinema
Other charitable activities
Cinema		 31.3.25
£
40,558
52,000
92,558
31.3.25
£
40,000
-
-
-
-
10,000
2,000
52,000
31.3.25
£
3,457
31.3.25
£
305,890
2,486
71,235
97,656
477,267		 31.3.24
£
1,625
26,003
27,628
31.3.24
£
-
(1,230)
7,035
2,000
18,198
-
-
26,003
31.3.24
£
1,008
31.3.24
£
338,389
2,550
75,511
127,233
543,683

Page 15

continued...

Phoenix Cinema Trust Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

5. CHARITABLE ACTIVITIES COSTS

5.
CHARITABLE ACTIVITIES COSTS
Support
Direct
costs (see
Costs
note 6)
£
£
Cinema
475,996
281,157
6.
SUPPORT COSTS
Information
Governance
Management
Finance
technology
costs
£
£
£
£
Cinema
230,924
20,435
11,998
17,800		 Totals
£
757,153
Totals
£
281,157

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.25 31.3.24
£ £
Auditors' remuneration 5,800 4,500
Depreciation - owned assets 92,857 50,264

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

9. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Cinema staff		 31.3.25
£
255,021
9,085
4,639
268,745
31.3.25
19		 31.3.24
£
224,747
4,877
4,187
233,811
31.3.24
19

No employees received emoluments in excess of £60,000.

Page 16

continued...

Phoenix Cinema Trust Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
395
Charitable activities
Cinema
541,133
Investment income
1,008
Total
542,536
EXPENDITURE ON
Charitable activities
Cinema
592,207
NET INCOME/(EXPENDITURE)
(49,671)
Transfers between funds
30,861
Net movement in funds
(18,810)
RECONCILIATION OF FUNDS
Total funds brought forward
57,468
TOTAL FUNDS CARRIED FORWARD
38,658
11.
INTANGIBLE FIXED ASSETS
COST
At 1 April 2024 and 31 March 2025
AMORTISATION
At 1 April 2024 and 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Restricted
Total
funds
funds
£
£
27,233
27,628
2,550
543,683
-
1,008
29,783
572,319
73,026
665,233
(43,243)
(92,914)
(30,861)
-
(74,104)
(92,914)
364,474
421,942
290,370
329,028
Computer
software
£
5,000
5,000
-
-

continued...

Page 17

Phoenix Cinema Trust Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

12. TANGIBLE FIXED ASSETS

Freehold
property
£
COST
At 1 April 2024
595,192
Additions
-
Disposals
-
At 31 March 2025
595,192
DEPRECIATION
At 1 April 2024
574,352
Charge for year
1,556
Eliminated on disposal
-
At 31 March 2025
575,908
NET BOOK VALUE
At 31 March 2025
19,284
At 31 March 2024
20,840
13.
STOCKS
Stocks
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Tax
VAT
Prepayments and accrued income		 Café bar
£
791,105
-
-
791,105
533,994
39,555
-
573,549
217,556
257,111		 Fixtures
and
fittings
Totals
£
£
134,036
1,520,333
425,511
425,511
(1,417)
(1,417)
558,130
1,944,427
107,892
1,216,238
51,746
92,857
(1,417)
(1,417)
158,221
1,307,678
399,909
636,749
26,144
304,095
31.3.25
31.3.24
£
£
1,695
3,427
31.3.25
31.3.24
£
£
3,356
1,940
4,196
15,931
116
116
15,002
-
484
-
23,154
17,987

continued...

Page 18

Phoenix Cinema Trust Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Social security and other taxes
VAT
Other creditors
Accrued expenses		 31.3.25
£
224,003
3,015
-
666
9,745
237,429		 31.3.24
£
41,566
2,814
9,168
641
9,735
63,924

16. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated fund
Designated redevelopment fund
Restricted funds
Capital fund
Community Grant
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
Designated fund
Designated redevelopment fund
Restricted funds
Capital fund
Community Grant
TOTAL FUNDS		 At 1.4.24
£
24,933
13,725
-
38,658
277,993
12,377
290,370
329,028
follows:
Incoming
resources
£
511,127
-
62,155
573,282
-
-
-
573,282		 Net
movement
in funds
£
(117,437)
(4,575)
404,767
282,755
(38,179)
(4,578)
(42,757)
239,998
Resources
expended
£
(628,564)
(4,575)
(81,257)
(714,396)
(38,179)
(4,578)
(42,757)
(757,153)		 Transfers
between
At
funds
31.3.25
£
£
22,258
(70,246
-
9,150
-
404,767
22,258
343,671
(22,258)
217,556
-
7,799
(22,258)
225,355
-
569,026
Gains and
Movemen
losses
in funds
£
£
-
(117,437
-
(4,575
423,869
404,767
423,869
282,755
-
(38,179
-
(4,578
-
(42,757
423,869
239,998		 At
31.3.25
£
(70,246
9,150
404,767
343,671
217,556
7,799
225,355
569,026
282,755
(38,179
(4,578
(42,757
239,998

continued...

Page 19

Phoenix Cinema Trust Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.4.23
in funds
£
£
Unrestricted funds
General fund
39,168
(45,096)
Designated fund
18,300
(4,575)
57,468
(49,671)
Restricted funds
Capital fund
348,722
(39,756)
Education fund
9,305
(9,305)
Film London
6,447
(6,447)
Community Grant
-
12,265
364,474
(43,243)
TOTAL FUNDS
421,942
(92,914)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
542,536
Designated fund
-
542,536
Restricted funds
Capital fund
-
Education fund
2,550
Film London
7,035
Young Barnet
2,000
Community Grant
18,198
29,783
TOTAL FUNDS
572,319		 Transfers
between
At
funds
31.3.24
£
£
30,861
24,933
-
13,725
30,861
38,658
(30,973)
277,993
-
-
-
-
112
12,377
(30,861)
290,370
-
329,028
Resources
Movement
expended
in funds
£
£
(587,632)
(45,096)
(4,575)
(4,575)
(592,207)
(49,671)
(39,756)
(39,756)
(11,855)
(9,305)
(13,482)
(6,447)
(2,000)
-
(5,933)
12,265
(73,026)
(43,243)
(665,233)
(92,914)

continued...

Page 20

Phoenix Cinema Trust Limited

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

16. MOVEMENT IN FUNDS - continued

Purpose of restricted funds

The balance will fund future depreciation of fixed assets which were originally
Capital fund purchased using restricted and matching funding
Education fund This is a fund for specific education projects
This relates to funds received as part of the Culture Recovery fund for
Independent cinemas in England which was intended to help protect cultural
Film London and heritage organisations from the impact of COVID-19
Community Grant This was used to cover the cost of new sound equipment

Purpose of designated funds

The balance will fund future depreciation of fixed assets which were originally purchased using general funds

17. RELATED PARTY DISCLOSURES

Two members of key management received consultancy fees of £5,945 last year (2024 none)

Page 21

Phoenix Cinema Trust Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

Detailed Statement of Financial Activities
for the Year Ended 31 March 2025
31.3.25 31.3.24
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 40,558 1,625
Grants 52,000 26,003
92,558 27,628
Investment income
Deposit account interest 3,457 1,008
Charitable activities
Film Receipts 305,890 338,389
Education Activities 2,486 2,550
Confectionary & café bar & merchandise 71,235 75,511
Other charitable activities 97,656 127,233
477,267 543,683
Total incoming resources 573,282 572,319
EXPENDITURE
Charitable activities
Wages 255,021 224,747
Social security 9,085 4,877
Pensions 4,639 4,187
Film hire 139,857 152,283
Merchandise purchases 33,996 34,851
Confectionary & café bar purchases 5,627 4,714
Fees & other staff costs 1,778 1,748
Publicity & marketing 8,202 5,234
Fundraising costs 9,641 -
Programming charge 8,150 7,200
475,996 439,841
Support costs
Management
Rates and water 1,537 2,363
Insurance 7,746 8,090
Light and heat 23,209 21,532
Telephone 6,778 3,693
Postage and stationery 2,319 1,843
Sundries 1,481 1,795
Equipment maintenance & cleaning 39,097 29,024
Building repairs & maintenance 6,503 10,078
Subscriptions & licences 2,527 3,327
Consultancy, legal & professional fees 48,288 54,464
Carried forward 139,485 136,209

This page does not form part of the statutory financial statements

Page 22

Phoenix Cinema Trust Limited

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

Detailed Statement of Financial Activities
for the Year Ended 31 March 2025
31.3.25 31.3.24
£ £
Management
Brought forward 139,485 136,209
Amortisation of freehold property 1,556 1,556
Depn of café bar 82,106 39,555
Dep'n of fixture & fittings 7,777 9,153
230,924 186,473
Finance
Bank, stripe, Indy & PayPal fees 20,435 19,304
Information technology
Equipment hire 11,998 12,615
Governance costs
Auditors' remuneration 5,800 4,500
Accountancy fees 12,000 2,500
17,800 7,000
Total resources expended 757,153 665,233
Net expenditure before gains and losses (183,871) (92,914)
Realised recognised gains and losses
Realised gain on land 423,869 -
Net income/(expenditure) 239,998 (92,914)

This page does not form part of the statutory financial statements

Page 23